CNBC’s Jim Cramer on Monday told investors not to write off the power of European markets, pointing out economic growth across the region.
“This continent of 750 million people, twice our market size, is now percolating,” he said. “We’re seeing company after company put up better than expected European numbers, yet no one seems to notice thanks to a combination of, I don’t know, ennui and disbelief.”
Cramer conceded that he understands why some on Wall Street don’t expect much from Europe, saying many companies tend to put up earnings misses there and “the cards seemed stacked against you” for more than a decade.
But he pointed out a number of developments in the European economy, including three rate cutsfrom the European Central Bank. Cramer suggested there’s been growth across the continent, especially in southern rim countries like Portugal, Italy and Greece. According to him, Europe had been “underbanked” since March of 2023 when Credit Suisse fell …